Price is now extending to a session high of 105.77 as the dollar is keeping firmer across the board with Treasury yields also elevated to start the day.
Of note, we are seeing price push back above its 100-hour moving average (red line) and buyers will establish a more bullish near-term bias on a break above that.
The bounce in the pair comes after buyers defended the 200-hour moving average (blue line) at the end of last week, preventing a further technical breakdown.
Despite the dollar once again trying to keep pace with developments in the market, the 106.00 handle is still the key upside level to watch as evident by last week's price action:
Buyers can take some comfort from a push back above the 200-day moving average (blue line) @ 104.49 again, but they still need to clear the 106.00 hurdle before extending any further momentum to the upside in the pair.